that could change but four weeks out the dow parsing king. for barack obama it is not a good. report will fox business continues a with the debates in small kentucky. stay with us. china fires back at a congressional report that says two of its big companies are a security threat. the top democrat on the hse committee will be here. welcome to "the willis report." ♪

hello, i'm gerri willis. the loomingfiscal cliff 12 weeks away. it's on everybody's mind from wall street to main street from the u.s. amber of commerce to the retail federation. they were discussing the issue and how to get the economy back on track. wall street's top ceos and jpmorgan's dimon saying it's time for a deal. they are tired of kicking the can down the road. avoiding t fiscal cliff requires political sacrifice on both sides. they are not alone wanting a certain degree of state for the markets, and in turn, for investors. joining me is president for erica's for tax reform. welcome back to the show. a pasure to be with you here. >> great to be with you. gerri: they want more in taxes, cutting in spending. wi friends like these, who

needs enemies, grover? how do you react? >> read today's "new york times," there's an article about the idiot rich businessmen in france who raised taxes a little bit andut spending and elect the socialist president of franceho is now raising their personal incomeaxes to 75% and their capital gns taxes to 60%, and these very, very smart businessmen who brought this on themselves are running for the borders. gerri: nobody'ssuggesting that here. in fact -- >> they were not in france either. gerri: even mitt romney in the debate said why not bowles-simpson? it's a balanced approach. you're not in favor of it. >> of course not. he was talking about what simpson bowles says it wants to do sometimes which is restrain

spheppedding and have revenue neutral reform. if you read the fine print of simpson-bowles, it takes taxes from 18.5%of gdp, its normal for the last 30 years, to it 2* # 1%, a #.5% increase in taxes of gdp to $5 trillion tax increase over the next decade. $5 trillion tax increase. the spending cuts, of course, have been rejected by obama. he put none of them in the budget. gerri: that's the problem. >> all he wants is the tax increase. gerri: that's the problem in the nutshell. raising taxes they don't want to curb spending.g. what happens if we go over the fiscal cliff? at the end of the day, we have a choice, go over the cliff or do something; right? here's what happens. 90% of households have a tax increase, average of $35 # 00. these may be citing your numbers here. we got the obamacare taxes coming into place.

this is truly a disincentive to sang, a disincentive to investing, and a disincentive to working. what's better? go over the cliff or find some compromise? >> no, no. there's not a compromise to be made becae there republicans, if you legislate romney in a republican house and senate, will extend all the bush tax cuts for one year, do fundamental tax reform that's revenue neutral, not a tax increase, passg the an budget to brin entitlement spending dowso the spending goes from 24% of gdp to 20%, to 16%. if obama wins, democratic house and senate, his budget takes spending up to 38% of t economy during that same period. a government twice as large. if you have split government, obama gets elected in a a republican house or republican house or senator, what happens is exactly wha happened two

years ago which is they'll extent bush tax cuts for two years and fight it out in two years. there's not going to be a cliff. everybody knows this because if obama shuts down the government in januar theemocrats lse ten senate seats, ten of which eulnerable in 20 # 14. a democratic senate d republican house encys that obama extends the tax cuts. gerri: i'm not se everybody is sanguine. mitt romney's been called a liar for the ideas on taxation and taxes. he wants to cut taxes 20% across the board for everybody, the poor, th wealthy, the people in between. can you do that and get rid of breaks in the tax code for wealthy people and come out with anything like a balanced budget? >> well, two things. yes, you can bring in the same amount of revenue with tax

form, but, remember, republicans beeve if you do marginal tax rates, you actually get more growth. when reagan cut tax rates, he added 10 million more people not work rolls than obama's spend more approach. put 10 million people to work, take in reagan's approach to the recession would have jobs, that's a lot of revenue coming to the government and growth as a result. yes, romney's proposal, cut marginalax rates and reign in spending is what reagan did and it's what created rral jobs. we know obama's plan has not woed. gerri: requires a lot of growth and job making in the economy. >> absolutely. gerri: to the point, imf vising down, growth expectations worried about the fiscal cliff. what do you think of that? >> look, we should beery coerned. if obama is re-elected, the country's headed for difficult

times meaning obamacare with trillions in spending and tax incrses will take effect and get locked in. if you have insurance, taxes go up. you won't keep the health insurance you now have because they will go afte that, not just medicare, but your insurance and tax it with 20 taxes to give money to other people. there's a lot of damage coming to the economy with obamabeing re-elected. the polls show that's less likely tay than a week ago are very helpful to the economy and may mean we can get through this without another recession. gerri: we talked about the multimillion dollar campaign that the leaders in washington, the cs, wall street, and others put together. ironic, isn't it? wall street ceos defend themselves in front of congress, but they are chiding them for not doing their job. it's funny. grover, thank you for your time. >> good toe withyou. gerri: all right.

the fiscal cliff will no doubt hit regular investors ha. many lost faith in the stock market pulling more than a hundd billion dollars out of mutual stock funds out of fear since 2009. the former chairman of the securities and exchange coission joins me nby telephone. chairman, thank you for coming on the show tonight. great to talk to you. it's been yeahs since i talked to you, and i want your opinion on this move, this free-for-all by smal investors out of the market, runs away. 46% of americans say they own stocks today. 53% did in 2001. what's causing this? on the phone: i think there's general fear with all the scanda seen, the insider tradingpisode, the glitches that st the market down, high frequency trading that nearly

drove securities out of business, a whole seeshz of events like that since 2008 scared the heck out of the average investor and forced them to lose trus in our market, sell their funds and sit on the sitelines. gerri: you were a proinvester advocate, cleanedded up the bond market at the time longest serving fcc mmissioner. how do we fix this problem? how do we reintroduce confidence in the system? >> caller: well, i think that it almost comes as a result of the system getting better. by that, i mean, the regulators have got to understand now product, new techniques, new market strategy. they don't right now. the people that are being regulate the firms that are doing the business, are way ahead of the regulators in terms

of their level o understanding. the biggest mistake would be for regulators to over regulate. next to that would be the mistake of having them not pay tention to wh caused the problems with knight security? wh caused the minimarket crash two years ago? how can you ensure investors there's secure markets in the futu? what that is is sound, rational, reasonable regulation if that's possible. gerri: but when you dig into what the fellows are doingor a living, and these are dark pools that exist all over the country, all over the world. in fact, it's such a far cry fromhe kind of investing you were usedo regulating when you ran the fcc. these people make decisions not on the basis of any fundmentals whatsoever drivi the market

further and further from the function of raising capital for ceos and companies all over the world, and so something that's more akin to betting, wouldn't you say 1234 -- >> caller:ot ncessarily. i admit it looks like this, but this is progress in terms of the price of an investor buys securities that is lower than ever the speed of execution is faster than ever: now, how do we balance that with the interest of the investors? to see to it they get at least a good a deal as institutions are. i noticed thecc just hired an outside firm -- gerri: hired one of the high frequency trading firms to assist them, and it's a controversial move because peopleeel why are you letting the rooster into the hep house or the fobbing -- fox into the hen house. what do you make of that? >> caller: it's a good move.

they had a contracting process, and the firm is providing the pipes to deliver data streams. they are not performing analysis for regulators. it's like getting a mason to build a brick wall or a car manufacture to build the car. once the fcccc has the car, it's up to them torive it guard and arrive at the relevant conclusions. they need professional help. they no longer can rely upon long term civil service to de with the progress made by people in the markets who provide products and new structures which narrow the mar gyp of risk to millisecds. in the old days, we had seconds to correct the mistake. today, it's milliseconds. gerri: that's right. thank you, appreciate your time. interesting point of view on high frequency trading. we'll continue to cover it. i hope you come back.

>> caller: i'd be delighted. good questions. gerri: whado youthk? here's the question tonight. do you have faith in the stock market? log on to gerriwillis.com and vote. i'll share results at the end of the show. a lot more to come. thrace to the white house shrinks to nine states and how residents in swing states are buried byat administration. anotr pee project produces nothing, nadda, zero, zch. stayith us. ♪ for many, nexium helps relieve

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green and waste of time. a hybrid battery plant in michigan is putting workers on furlough despite the $150 million grant. the plant has not produced a battery sincit opened two years ago. with more on this, the republican cndidate for senate and former congressman, policy onlyist for heritage foundation. welcome to you both. congressman, starting wi you. ok so thelant that got $150 million in taxpayer money is laying people out off. another solyndra here? >> it's very, very possible. the president announced this, came through myometown, lland, michig, did a victory lap in the community saying look what the federal government did for you, create k this investment, creating jobs, and

insulted their hometown congressman for not voting for the package, and three and a lf years later, and it looks like it's a bad investment. all of us that live in the community are disappointed. you know, the problem here is the president wasn't spending the govnment's money. thepresident was spending our money. this money all went on our credit card, like for the losses that are incurred. gerri: nick, to you. the mayor in holland said he had to do this, no other options. you agree with that? >> no, he could ha not spent the money. the reality is this administration with a lot of the stimulus funding has taken field of dreams, if they build it, they will come, but there's a lack of consumer demand for electric vehic which is why the's zero supply. if there was a demand, this wouldn't be a problem, and they wouldn't need tax funding to

begin with. whether the company is successful or not, it's a lo-lose. 's a loss going bankrupt and a loss because it's justify setting private investment if the firm were successful. gerri: good point. let's see what the president, himself, said about the investment. >> you are leading the way and showing how manufacturing jobs are coming rig back here not united state of america. our goal has never been to create a goverent program, but rather to unleash private sector growth, and we are seing results. gerri: congressman, what do you say? seeing results? >> no, we're not seeing results. it's a disappointing thing. it's what ppens when we believe government is better at making investment decisions than thprivate sector. the folks at the energy department who made this bet, who took the risk, they played with our mone played with the taxpayers' money. they had no skin in

there's a lot of cpanies that failed. do you think this is going to be -- is this going to hurt the president politically in any way? >> well, i hope so. that's what elections are aut, about holding politicians accountable. the president spent a trillion dollars on a stimulus plan that did not create jobs, tt did not ve the economy forward. mitt romney is promising lower tax rates for all businesses and let the private sector drive the future of the economy and not the government. the american people have a

choice, it their responsibility to get edated and make a choice. gerri: nick, to you. we had a screen that showed 150 million federal grant, zero batteries produced. there's other numbers as well. this ignores theroperty taxes, forgave annually for business taxes. it's more than just $150 million; right? >> oh, absolutely. that gets to the heart of the problem with government subsidies is that these companies, once dependent on the federal government and the taxpayers' dollar, they stay dependent on the government's dollar. that's why w see programs like the ethanol policy continually dependent on the governmnment sie 1978 and once they get stuck on this government dependence, it's hard to wean them off because they really don't understand their true cost point, and they don't ha that true incentive to be

competitive. gerri: they exploit the money, go after it, they know how to do it. nick, congressman, thank you for coming on tonight i line illumig this program. i hope you both come back, thank you. >> thank you. >> thank you. gerri: all right. many employers cutting back, restaurantin seeing the strongest year in a decade, by the hiring boom comes from a caveat. they a rt-time jobs. our guest yesterday told us why that is obamacare. >> if you've got an employee working 40 hours and the employee quits, retires, or terminated, you have a choice. you can hire another 40-hour a week employee and incur cos, th costs of obama care, or hire two emplees that work 20 hours a week, and you don't have the costs, and, therere, you can grow theestaurant, create jobs, do the things that businesses like to do. gerri: smart guy. he was right.

the owner of oli garden and d lobster restaurants are putting workers on part-time status to avoid the cost of obamacare. the ceo says in these markets, workers work less than 30 hours a weekso they don't have to provide health coverage. we told you itas coming, folks. >> key battleground states, which state could be worst h hit anwhat it means for is year's ectio next. and president obama keeps saying this -- >> al-qaeda's on the run, and bin laden is no more. >> reporter: is al-qaeda really on itseels? what's the president not telling us. weekly standard senior editor is here with the answers. also, chinassues its strongest stement yet to the congressional report blasting chinese companies as a security threat. ll that start a trade war with the u.s.? we're on the case next on "the

willis report."

gerri: how bad things are in

gerri: well,hen yotalk about the bottom line, there's a few things more telling than your income. what are you making? is it more than a year ago? less than a year ago? it's a measuring stick that everybody uses, but for amerans around the country, income is not a good news story. we are worse off than four years o when the president assumed office, assuming you were employed at all. median incomes tanked, 8% fall in four years.

swing states across the country, the news is the same, that is. lookt ohio where both candidates are campaigning today. incomes ll from $5051 to $45749 in just four years. now, the good news, unemployment fell from 8.6% to 7.2%, but the sting of the great recession never really left. foreclosures, for example, remain high. in florida, where obamacare struck a nerve with the statings nearly 3 million seniors, income femme to 42499 and same goes for colorado which sawincomes fall from nearly $60 # ,000 a year in 2007 to around $55,000. in virginia, which has some of the nation's highest incomes, they saw an average salary of $6000 drop to under $62,000. iowa and wisconsin have incomes that have actually risen in the

last year, but they are still down from 2007. people look at the states where resident faced aoss of $5,000 in income or more and say that's not that much money. consider this. the avera family earns less while paying more for gas. 134% more since obama took office. more for food,54 #% more. even vice president joe biden agrees. >> tis is deadly earnest, man, deadly earnest. how they can justify -- how they can justify raising taxes on the middle class that'seen buried the last four years, how in lord's name can they justify raising their taxes? gerri: buried over the last four years. that's absolutely right, joe biden. the cost is rising at a time when incomes are curtailed. we're getting squeezed. it's a disaster for americans and a storythat can want become

the trend. coming up next, china ups over the explove report on chinese securi threats to america, and the issue of the report is here next. new pink lemonade 5-hour energy?

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gerri: china, today, issuing the strongest statement after yesterday's explose congressional report on the threat from china's top telecom companies. they are national security threats, and we should not be doing business with them. china fired back sighing the report will damage relations between the two countries. joining me now is the top democrat on the house intelligence committee which issued this report. sir, thanks for being with us today. we appreciate your coming on, and, of course, the chinese

today, the government having this to say. i want to get your response, your report is merely based on subjective conjecture, untrue foundation making groundless ac accusations against china. your respon, sir? >> we're the intelligence committee. our job is to collec formation and data to protect the citizens from a social security int of view. chairman rogers a i decided a year ago to investigate china cyberattacking our coury, and we were going investigate the chinese companies because of complaints we've had of unir trade andossible connection between china and the two companies. gerri: well, what i thought was interesting is it's bipartisan the two of you represent both sides of the aisle. there's not a disagreent about the impact. >> that's ews right there that it's bipartisan. that's just a joke, but basically, chairman rogers and i run the committee in a bipartisan way, not political,

and we'll stand behind the report. gerri: you say "our report," but there's two reports. the one released and the classified version. how red hot is the classifieded version? what damming evidence is there if we read it, which we won't, will we see? >> the intelligence coittee, there's certain information we cannot give to other people unless they are cleared. we can say any information that's classified we feel a crime has been committed in the country, we will refer that to the justice department, and that's what we are doing now. back to the china comment too. unfair trade -- i said as far as i'm concerned, if china wants them to do business in our country, they have to stop cyberattacking us. i met with the chairman in hong kong -- gerri: one of the few. >> i know, i found that out later. i said to him, if you want to do business in our country or other countries, especially our allies, tell your chinese

government to stop cyberattacks our country. gerri: what are they ing? what information are they getting access to? >> for example, just lt year our cybercommand, whose job it is to protect themilitary infrastructure from the cyberattacks estimated that there are over -- the united states businesses lost over $300 billion because of cyberattacks, d we have evidence that china has been cyber attacking us. that's $300 billi, jobs lost, china getting unfair information to be used against us inthe united states and unfair competition. we can't tolerate that. other thing that we can't tolerate is tohave chinese businesses that control china has over their companies. china is a come -- communist country, not a democracy. it would be easy f them to grow in the country, hhve american custome, and china saying we want information from your customer.

get thisnformation. once you are in the networ and you have the technology, you will be able to get that information. we want to protectur country. gerri: it's lome like a future problem to be worried about. the chinese attacking back saying the report violated long held free market principles, undermind coopation and developmt between the two countries. it sounds like they are threatening us. >> chinese rhetoric. they try to say we're china bashing. if they want fair trade, have fair trade with our country. don't comento our country and try to ga information from our country. if you want yourusinesses to do business in our country, then stop cyber attacking us. e united states of america does not cyber attack other countries' businesses and get unfair information. china is doing that. they want their businesses to have fair trade pursuant to international law, let' have free trade. it's not just the cyber area, but car manufacturing parts and

auto parts, in steel. china's rhetoric is just rhetoric as far as i'm concerned. we have to be concerned about the free trade. we will not let them come into r country with their businesses to get information from our citizens, company or individual. thars way we are doing. we want to let our citizens know ahead of time before this occurs than after the fact. we need to learn what happened from 9/11. gerri: sounded a loud siren this weekend on $60 minutes," and on monday with your reports. thanks for coming on. come back and talk more about it. we are all worried. congreman, thank you very much. >> thank you. gerri: home prices back to 206 levels, we'll have the numbers, and is obama and company traveling the country saying gm is alive and bin laden is dead think twice before counting al-qaeda out just yet. stay with us.

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rri: nearly onmonth since the deadly consulate attack, and president obama declarings al al-qaeda on its heel, but are they just regrouping into a

stronger threat? christopher, thank you for being with u today. i'm 5 fan of your work and interested in what youave to say what's going on in the topics recently. the president, just last night, as a matter of fact, saying al-qaeda's opts -- on its heels. i want you to respond spp. >> i sd we'd endin afghanistan, and we are. i said we'd refocus on the people who attacked us on 9/11,@ and, today, al-qaeda is on its heels and bin laden is no more. gerri: is the president right? he's at a strong appointment to make for re-election there. we are leaving afghanistan. he did kill bin laden, but that doesn't mean that al-qaeda is quite through. mean, there's been a number of attacks, not the familiar seriousness, but in egypt and tunisia and today yria by

groups that claim an afghanistan to al-qaeda. gerri: cbs said that the taliban and al-qaeda have not been vanquished, basically not by a long shot, just rebuilding to come back senator bob corker essentially said the same thing. do youelieve that? they're in a rebuilding mode to attack again, and becauseewe think the job is done and that it's finished, over, we won't be prepared? >> well, i don't think anyone thinks the job is really ne. i think that al-qaeda, as it existed on s september 1 # -- 11, 2001, was a real terrorist cell. for the last five or six years, it's been a kind of an ideological movement. there's always the possibility that it can crop up again just through the enthusiasmmof a few local extremists. gerri: what do you make of the message sent by the administration in the way they handled the assassination of our

libyan ambassador? >> it's very confusing. as i say, their case that it was this administration that killed bin laden is very strong. i really don't think they arare@ trying to prove th al-qaeda has been completely eradicated. i don't think that -- i don't think that that's why they've had such a funny message centered around this muslim film. i have a hard time explaning it, but i think that the administration wants us to believe -- gerri: critics of the administration, though, who say there's confusion in the way they present this, leaving people like you familiar with the issues confused, creating an al-qaeda that's emboldening our enemies, making them stronger. you make the case in your book that it's important to be on

guard in every way and every level. what do you think is going to be the message long term of at's been going on for several weeks here where we seem to be saying that's okay. that's oka it's a problem we can work with ther than, no, this is a terrorist attack that we need to take seriously? >> well, i think that what the administration's generally doing and what they did having susan rice go out and say it was a mob angry about a film rather an a terrorist attack, they are trying to rnforce a narrative that president obama has changed the minds of the peoe in the muslim world who were against us, and that turns out not to be quite what happened in the last four years. i don't know if adds to the danger, but it certainly misdiagnoses a part of the prlem. gerri: christopher, thank you. we appreciate your time. >> thank you, gerri. gerri: still, my two cents more on waste, fraud, and abuse in

washington, of course, and home prices not only rising, but in some cities, they are at the highest levels ever. next, how home buyers and homeowners benefit from these peaks. these fellas used capital one venture miles for a golf getaway. double miles you can actually use... but mr. single miles can't join his friends because he's getting hit with blackouts shamon you. w he stuck in a miniature nightmare. oh, thk you. but, with e capital one venture card... you can fly any airline, any flight, any time. double miles you can actually use. what's in your wallet? alec jr? it was a gif

gerri: home ices hitting all-time highs all across the country. what's driving them? find out in 10 m

gerri: tonight, home prices hitting all-time highs in dozens of cityings across the u.s. according to mortgage tracker lending procesng services. what parts of the country are seeingtheiggest gains? what's spurring it? here with more, the chief economist of trulia. thank you for being with us

tonight. we appreciate it. where are the places doing so well? >> thanks for having me back, gerri. some places doing well, prices back to where they were, places like pittsburgh, austin, and denver. places you don't think of together in the same sentence, but they all saw relatively small price declines in the housing crisis. it's not taken that big of an increase now to get back to the hiest prices, almost ever, in some of the markets. gerri:ll right. look at the ones with the biggest price gains. detroit and phoix, and i look at those two cities, and i i think, you know, i might buy in phoenix, but i don't know about detroit. you wonder about theconomy there. how do you analyze the two cities? >> the biggest increases year over year are in places rebounding. both phoenix and detroit as well as lots of metros in flora and other parts of the country had huge price declines in the bust,

up to 50%own. those are in the places with the biggest rebounds now, butt doesn't mean they are all the same. phoenix is driven by job growth. gerri: that's a good thing. i like to hear that. look at red flags. biggest red flags. you mentioned flida a ment ago. florida, illinois, and new jersey. why should i be weary? >> those are all places where the foreclosure process takes a long time. those are states with a much bigger backlog of foreclosures thanust anywhere else in the country. as the foreclosures come on the market, they push prices down. the price gains disappearance. gerri: one of the things so important to the market and what we have need to have housing come back is jobs. we are seeingh in california bay area, north carolina, denver, texas, and oklahoma. is there a great way to pedict where home prices are going to

rebound and gr? >> jobs are really strong predictor of what happens to home prices. that tells us about the command side. the supply sidematters telling us how much inventory and how many vacancies are there in the markets. california has low vacancy rates, good for prices, but parts of the midwest and florida where vacancy rates are high from all of t ov building in the bubble. all of that overbilling in the bble, ples whe it takes longer to see sustained price increases. gerri: a lot of elements baked to a home price. one of the things is how much inventory therere are on banks' books. are we at the end of that or homes banks' balance sheets for a long, long time to come? >>he invenn story on bankbooks pes on what part of the country you talk at. in most of the country, banks

arthrough a lot of the inventory they had to take on, a lot of that reo is behind them. in places with a slower foreclosure process like florida, new jersey, and also new york, not necessarily big price declines, but a slow foreclosure process that there's a lot of homes in the backlog with a lot of homes on the books. gerri: the report shows prices are back substantially, but we're still well below where we were, the highs seen for st markets. you see prices increases 4% year over year. when do we get back to 2006 levels for the country? >> some markets may never get back to 2006 levels. markets in inland california like stockton and modesto, prices rose so fast, much higher thanhat local incomes or jobs could support. what we'e're lookg at to get back to normal is not 2006 prices, but what it looked like

before 2002, before the bubble started. what a normal level of construction is, prices back then. gerri: you're being rational with me. >> sorry, it's a fault. gerri: no, no, it makes sense. thank you for coming on tnight, a pleasure to have you with us, thank you. >> thanks for having me. >> thanks for having me. gerri: we'll be right back [ male announcer ] at scottde, we believe the more you know, e better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help younow more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's anotherson more investors are saying... [ all ] i'm with scottrade.

gerri: well stocks slid today following a weak forecast of glal economic growth and poor expectations for earning season, that kicked off just a few hours ago. in the backdrop, many -- are leaving starky on the foy on! -t for good. what do you think? we asked. 30% said yes, 65% said no,

shking. >> finally more examples of waste, fraud and abuse in november, federal agents to cut off wasteful spending according to the group 9 of ac 9 agent officers spend more than a million dollars on such items, most offensive agricultural deputy issue spent 39,000 on a handful of gadgetsnclung ips. the different o interior fish and wildlif spent 86,000 on such items. department of homeland security spent nearly three quarters of a million dolls on awards. how are they going to cult the stuff that really impacts the debt and our deficit? this is a growing problem that can't be fixed with acalpal, time to